Naira sells below 1,280/$ at official, parallel markets

The nation’s currency, Naira began the new month on a bullish note, appreciating to N1,278.58 against the United States dollar from N1,309.39 per dollar recorded last week Thursday. This indicates an increase of N30.81 at the close of trading activity. According to data from FMDQ Securities, the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market (AFEM), closing below the N1,300 ceiling marks the first instance since January 26 of this year. Recall that the Naira depreciated to as low as N1,615/$1 on March 13, 2024. Since the introduction…

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US Dollar falls to N1,280 on black market on CBN policies

The naira has continued to appreciate as the US dollar is currently selling at N1,280 on the parallel market, following the recent foreign exchange (FX) policy measures of the Central Bank of Nigeria, (CBN). With the current rate, the Naira has gained 2.34 percent of its value against the dollar in less than one day, from N1,310 the closing rate for Wednesday. When compared to the level on February 20, 2024, the naira has gained 42.58 percent of its value against the dollar from the lowest of N1,825/$ on the…

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Naira rebounds, exchanges N1, 382/dollar

​The nation’s currency, Naira, is making a steady and sustained gain against the dollar in the last one week, closing at N1, 382 to a dollar at the official market on Friday. The Naira gain came a day after the local currency recorded major gains at both the official and parallel foreign exchange markets. It closed at the black market at N1, 400/dollar on Wednesday. The summary of the FX trading auction revealed that naira appreciated by 1.3 percent following increased dollar supply at the Nigerian Autonomous Foreign Exchange Market,…

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“Dump your dollars to avoid tears; Naira will appreciate” – Presidency warns FX speculators

The Presidency has warned forex speculators that the Naira will soon appreciate. President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, urged speculators to quickly dump their dollars to avoid “tears”. Onanuga was reacting to the Central Bank of Nigeria, CBN, disclosure that it had cleared the $7 billion foreign exchange backlog inherited by Governor Yemi Cardoso. In a statement issued on Wednesday, CBN’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, confirmed the settlement of all valid FX backlog claims. Ali said the apex bank employed…

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“Clampdown on BDC operators will worsen FX situation” – Peter Obi

Former Anambra State Governor, Peter Obi, has criticised the reported crackdown on Bureau De-Change (BDC) operators by government agencies, stating that it is misguided. Obi’s remarks come four days after the Economic and Financial Crimes Commission (EFCC) conducted raids against illegal BDC operators in parts of the country on Wednesday. Obi, expressing his views on X, argued that this action would exacerbate the country’s exchange rate challenges without providing a solution. The 2023 presidential candidate of the Labour Party (LP), emphasised that BDCs are not the main contributors to the…

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‘FG benefiting from dollar rise against Naira’ – Ali Ndume

Chief Whip of the Senate, Senator Ali Ndume, has alleged that the Federal Government is benefiting from the naira depreciation against the dollar. Ndume was speaking on why the Naira continues to depreciate against the dollar while speaking on Wednesday, during an interview on a television programme. He said rather than losing out from the Naira depreciation against the dollar, the Federal Government is gaining more revenue to fund its 2024 Budget. The Chief Whip disclosed that the Government would have more Naira to spend on its expenditure as the…

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“FG not taking right forex decision; we’ve been deceiving ourselves” – Atiku Bagudu

The Federal Government has admitted not taking the right decision in tackling the foreign exchange crisis bedevilling the nation’s economy. Minister of Budget and Economic Planning, Atiku Bagudu, who disclosed this in a chat with newsmen in Lagos at the weekend, said President Bola Ahmed Tinubu and the Central Bank of Nigeria (CBN)’s policy reforms will improve the exchange rate. According to him, countries that have liberalised their foreign exchange market, like Nigeria, have enjoyed better exchange rates, expressing confidence that Nigeria’s foreign exchange market will perform better. Bagudu said…

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Alleged Forex Crime: EFCC summons Ɗangote officials to Abuja

The Economic and Financial Crimes Commission (EFCC) has summoned Ɗangote Group officials to Abuja for detailed documents on forex transactions spanning nine years. EFCC operatives stormed the group’s Lagos headquarters, probing alleged forex allocation abuse under ex-CBN Governor, Godwin Emefiele. During its operation, it was gathered that the anti-graft agency took away some sensitive documents that may be helpful to its current investigation into the truth behind Emefiele’s abuse of power over forex allocation. However, not satisfied with the content of the documents confiscated, it decided to summon some of…

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Competitive Industrial Performance Index: Forex restriction places Nigeria on low ranking – World Bank

Nigeria ranked 97 out of 153 countries in 2023 on the Competitive Industrial Performance Index, partly because of the government’s foreign exchange (FX) access restrictions and import bans, according to the World Bank. This was revealed in its latest Nigeria Development Update for December 2023, titled: ‘Turning the corner: From reforms & renewed Hope’. The report, produced bi-annually, assesses immediate economic developments and prospects in Nigeria. The report said: “While the FX restrictions did not explicitly prohibit importing the 43 categories of goods on the restriction list, they created a…

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Naira: “Tinubu will shock currency speculators” – Presidency

The Presidency has revealed that President Ahmed Bola Tinubu’s administration is working on policies that will strengthen the nation’s currency, the Naira. Special Adviser to the President on Economic Matters, Dr. Tope Fasua, disclosed this during the “Cowries to Cash” lecture and lunch yesterday, in Abuja. There has been a steady rise in the value of the Naira in the past few days and Fasua said the trend is expected to continue as a result of policies being implemented by the government. While positing that the fall in the value…

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